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Status update expected for deferred importation efforts

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This morning’s press conference has been cancelled. The Triton will report progress on this issue as it becomes available.

Original news posted April 17, 1:57 pm

U.S. Congresswoman Lois Frankel (Democrat from Florida) will host a press conference next Tuesday, April 25, to update the brokerage community on the status of the effort to remove federal laws barring the sale of foreign-flagged yachts to U.S. citizens while in U.S. waters.

The bill, known as deferred importation, would permit owners of foreign-flagged yachts to pay duty at the time the vessel is sold rather than when it enters U.S. waters for sale.

“Studies show that implementation of deferred importation would generate thousands of industry-related jobs and encourage $2.46 billion in additional U.S. recreational marine sales and economic activity,” said Staley Weidman, chairman of IYBA’s Legislative Affairs Committee. “It’s time to remove this onerous restriction, which prevents job creation and discriminates against U.S. residents while in their own country.”

Congresswoman Frankel will address the issue at 9:30 a.m. at Palm Harbor Marina, 400 N. Flagler Drive in West Palm Beach (33401).

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